Terreno Realty Corporation Acquires Property in San Leandro, CA for $22.8 Million
September 18 2018 - 09:15AM
Business Wire
Terreno Realty Corporation (NYSE:TRNO), an acquirer,
owner and operator of industrial real estate in six major coastal
U.S. markets, acquired an industrial property located in San
Leandro, California on September 17, 2018 for a purchase price of
approximately $22.8 million.
The property consists of three industrial distribution buildings
containing approximately 128,000 square feet on 7.3 acres. The
property is at 701 Whitney Street, west of Interstate 880 and less
than two miles from Oakland International Airport, provides 14
dock-high and 19 grade-level loading positions, parking for 156
cars and is 95.4% leased to 13 tenants, seven of whom expire within
12 months. The estimated stabilized cap rate of the property is
4.8%.
Estimated stabilized cap rates are calculated as annualized cash
basis net operating income stabilized to market occupancy
(generally 95%) divided by total acquisition cost. Total
acquisition cost includes the initial purchase price, the effects
of marking assumed debt to market, buyer’s due diligence and
closing costs, estimated near-term capital expenditures and leasing
costs necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and operates
industrial real estate in six major coastal U.S. markets: Los
Angeles, Northern New Jersey/New York City, San Francisco Bay Area,
Seattle, Miami, and Washington, D.C.
Additional information about Terreno Realty Corporation is
available on the company’s web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. We caution investors
that forward-looking statements are based on management’s beliefs
and on assumptions made by, and information currently available to,
management. When used, the words “anticipate”, “believe”,
“estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”,
“result”, “should”, “will”, and similar expressions which do not
relate solely to historical matters are intended to identify
forward-looking statements. These statements are subject to risks,
uncertainties, and assumptions and are not guarantees of future
performance, which may be affected by known and unknown risks,
trends, uncertainties, and factors that are beyond our control,
including risks related to our ability to meet our estimated
forecasts related to stabilized cap rates and those risk factors
contained in our Annual Report on Form 10-K for the year ended
December 31, 2017 and our other public filings. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those anticipated, estimated, or projected. We expressly
disclaim any responsibility to update our forward-looking
statements, whether as a result of new information, future events,
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180918005152/en/
Terreno Realty CorporationW. Blake Baird, 415-655-4580orMichael
A. Coke, 415-655-4580
Terreno Realty (NYSE:TRNO)
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